We went into today a little long (ASX, BHP, DJS and IRE) and a little short (NCM and STO). We had been tightening up the BHP trailing stop as it headed quickly in our favour and our analysis suggested a turn lower was close by. We exited on the gap open this morning at $26.51for a 2R profit. Not bad considering¬† a long side play in this current enviornment. BHP closed lower at $26.15 confirming that it is indeed heading lower in the near term. ASX performed well for us in the face of a negative day, closing higher by 1.94%. Our target there remains a fair distance away so we’ll just trail the stop along behind the current price.

NCM decided to move higher, closing 1.74% up and against our short trade. No action needed here for the moment. STO was the big mover for us, closing down 8.99% at $12.15. Our target is not too far away so we’ll see how Crude and commoditites trade tonight.

We were pulled into new long position in NAB today based on a weekly setup. This is our first weekly trade but the patterns are fractal in nature, that is, they can be seen on any timeframe. I do prefer the daily setups because of trade frequency and interest drag.

Here is the BHP trade:

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Executed trades today:

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Our account is now +3.6% since about November 24th basis 0.5% risk. This equates to 7.2R gains in a few weeks.

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I remind readers that the techniques and philosophies we use here are those taught in our Profitable Trader Seminar DVD which is availabe here:

https://www.thechartist.com.au/store/cart.php?m=product_detail&p=212

If you have any questions or would like a personal tour inside the site, just drop us an email. We’re expecting a volatile trading session tonight with the release of US employment data so we’ll see what the markets hand out to us next week.

Nick